Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Lisasgt
Level 1

1099-K self-employed

I am a self-employed piano instructor.  My students pay through cash, check, Venmo, Paypal and Square. (I have Venmo and Square business accounts.) I manage all my income and accounts in Excel, but don't note which methods students used to pay.  In the past, I've just entered my total income amounts from my spreadsheets to Schedule C.  However, when I receive my 1099-K for 2022, some of the income that is already listed in my spreadsheet will be reported on the 1099-K.   How do I report the income from my spreadsheet correctly when some of that income will be covered in the 1099-K?

4 Replies
Bsch4477
Level 15

1099-K self-employed

 
Bsch4477
Level 15

1099-K self-employed

Just adjust the income you report on Sch C from your spreadsheet so that your total income reported is actually what you received. 

Mike9241
Level 15

1099-K self-employed

on schedule c there is no separate line for income reported on 1099K so don't enter it. just enter your total from your worksheet as previously. note that the spreadsheet total should be more than the 1099-K.

 

Lisasgt
Level 1

1099-K self-employed

Ah, thank you...makes total sense.

Dynamic AdsDynamic Ads
Privacy Settings
v